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administration and congress have the debt ceiling hanging over them. the u.s. set to hit the borrowing limit of over $16 trillion by the end of the year. there's a lot going on at 2012 winds down. in congress, the senate is in session, the house is not. it's the first time either chamber has been in session for business between christmas and new year's since 1970. >> trace: so they're coming back to work. the president probably wished he stayed in hawaii because not much has changed. >> both sides are waiting for the other to make the first move. senate republicans are ready to look over a plan the democrats put forth but they say there's no plan. this morning the top senate democrat, harry reid, chided the top house republican, john boehner, nor not calling the house legislators back into zes speaker boehner should call them back today. he shouldn't have let them go in fact. they're not here. they are not here. john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> in response, a spokesman for the speaker said senator reid should
the country that we are going to hit the debt ceiling on new year's eve. congress needs to wake up and smell the cau tee that the spending needs to be addressed. >> so david, hard to believe that we are still talking about this. did you see it happening like this? >> is washington so pro den that they can't find a compromise. >> i think the country will get back on track, but it is going to take a prwhile. damage has been down. business plans are down. business sentiment is down. we are are going to pay a price. the senate hasn't acted or called back to act on a bill between christmas and new year's for 49 years. i think the prospects are strong that we are going to go over the cliff. the republicans are going to clearly get most of the blame if we go over the cliff on taxes but the republicans have an argument. the president promised us. he would put on the table spending decreases. when you look at the republicans, was it a mistake? >> they could have had a more popular message right? >> the truth is they would have been a lot better off taking the deal. it was a better deal all the way ar
: the debt ceiling first established in 1917. since then the debt limit has been raised 102 times, congress voted to raise the debt limit, 11 times since 2001. right now the national debt is over 16 trillion dollars and counting every second. there it is. patti ann: meanwhile hopes of a budget deal in washington and higher home prices are combining to send the price of oil back up again. heating oil rising four cents to more than $3 a gallon. wholesale gasoline rising six cents to $2.78 a gallon. current national average is $3.26. national gas up 4 cents to 3.38 for 1000 cubic feet. gregg: we are taking a dangerous winter storm blamed for nine death at this hour. that storm is slamming the northeast. this is video from worcester, massachusetts. this was actually this morning. you can see what folks are trying to deal with there. the storm hitting the middle of the country overnight. dumping more than a foot and a half of snow in some areas grounding flights up in the air, stranding travelers, leaving hundreds of thousands of folks without any power. anna kooiman is live in clark summit that
to pressure the congress to act to raise the debt ceiling. that is not directly implicated in the fiscal cliff talks, but it's part of the larger issue of debt and deficit that congress has to deal with. secondly, house run leaders conferred and sent a letter to democrats to say it is up to the senate to act. the house has already acted on a bill to avert the fiscal cliff. democrats have no intention of taking up that house bill, which would extend all of the tax cuts into 2013. the approximated says he's not going to do that. plus a senate democrat leader told me there is a possibility of extending tax cuts for those under $250 thoid, but turning off the automatic across the board budget cuts. that will be a temporary measure. and finally, president obama has returned from his vacation in hawaii to try to kick start those talks. but the white house officials tell me there are no signs of progress yet. they have to hope that when members come back to washington on the 27th, that is thursday wblg that both the president, democrats in the senate, republicans in the senate and then both parties i
. he is now telling congress that the u.s. government will reach its borrowing limit by next monday, the 31st. remember how much fun the last debt ceiling fight was? well, that news comes as president obama rushes home to washington, cutting short his hawaiian vacation in order to resume talks on the fiscal cliff. there are just five days remaining to strike a deal. we'll get to all that in a moment, but first, we begin with a massive winter storm that made holiday travel miserable for millions of americans, including me! winter storm euclid -- what, are we naming snowstorms now? euclid. you can lid? well, euclid blanketed much of the eastern half of the country yesterday, dropping blizzard-like conditions and record snowfall in the midwest, and by late afternoon, euclid moved northeast, bringing traffic to a standstill, forcing the cancellation of more than 1,500 flights on one of the busiest travel days of the year. the weather channel's mike seidel has more on the massive christmas storm. >> reporter: a major snowstorm has dumped over a foot of snow across parts of the midwest. i
ceiling is. it's a cap set by congress of the amount of money the federal government can borrow. right now the ceiling is at $16.394 trillion and treasury secretary tim geithner said earlier this week we could hit that debt ceiling on monday, on new year's eve and the treasury will soon start using what it says are extraordinary measures to keep the government from going over the limit so just to give you an example if you're a government worker, that can mean that investments that go into your pension could be suspended, but that won't even buy much time. the next question is, what could happen if we do go through the ceiling? well the treasury won't be able to pay the country's bills in full or it won't be able to pay them on time and that means that the u.s. could default on some of its obligations. what that would do, it would cause a huge ripple that would cause a huge ripple effect. that would hit your retirement accounts and any money in the marketplace. plus make it a lot more difficult for banks to give out loans for cars or student loans. and then on top of all that, government b
the nation's debt ceiling. secretary geithner in a letter to congress did go ton say, quote, he would take extraordinary measures and say these extraordinary measures can create approximately $200 billion in head room under the debt limit. under normal circumstances the amount of head room would last approximately two months. however, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it's not possible to predict the measure. because of the uncertainty of the fiscal cliff they don't know whether they have enough head room to make sure the nation's debt ceiling doesn't reach limit within two months. the bottom line is even if we deal with the fiscal cliff in the next few days and avert that. there is another crisis with the debt ceiling looming in under two months, harris. big deal. >> harris: i know we have been talking about the weather. this too is is a perfect storm. ed henry, thank you. first time we are hearing. caught in the middle of a deadly trap. he was there when investigators say ex-con lured into ambush and shot them.
geithner has warned congress hat u.s. will reach its debt ceiling on monday. that is when the government reaches its legal borrowing limit. now, this could pose a bigger threat to the nation's credit rating than the fiscal cliff. treasury can keep the government operating for a few weeks using emergency measures, but congress needs to act on this too to avoid a full-blown debt crisis. alina cho. joins us with the ret of the top stories. >>> former president george h.w. bush remains in intensive care in a houston hospital with an elevated fever. he is on a liquid diet an his condition is listed as guarded. his spokesman quotes him as saying i'm determined not to be dprumpy with all of this. >>> toyota has agreed to pay up in a major way, $1.1 billion to settle a class action suit over sudden acceleration issues. under the deal toyota will install a brake override system in effective cars. it will also set up a fund of $250 million for former toyota owners who sold their cars from september of 2009 through all of 2010. that money would compensate owners for their car's reduced value becaus
to be standing in line for bread. that's not going to happen this is all because congress kicked the can down the road. after the debt ceiling, which was a real crisis. and so by not completing resolving that issue in a substantive manner. we now are here at this fiscal slope as i like to call it, not cliff. >> laura: presumably, no matter what you say about what happened a year and a half ago, the president was part of that equation, right? he is the president of the united states. >> he is. but there are three branches of government. >> laura: accountability for that as well: that's for sure and the democrats didn't get around to actually passing a budget so we need to move on to that that guy, we are going to have the republicans have only so much leverage. in effect they don't have a lot of power here, do they? not really i think we learned that speaker boehner own party we can go back as you said to the debt ceiling debate. the only reason we have cliffs and crises because democrats, particularly in the senate have completely abandoned the legally mandated budgeting process. we have not
.s. treasury department officials have alerted congressional leaders about the debt ceiling. the government will reach this in about two months and the country could suffer a self-inflicted default. congress currently sets the borrowing limit at $16.4 trillion. the national debt rose because of a series of deficit-covering bonds were issued. the government and the republican party are at odds over the issue. the political stalemate in the summer of 2011 over raising the debt ceiling caused a plunge in stock prices. standard & poor's, the american credit rating agency, has downgraded u.s. government bonds from the top ratings for the first time. here are the latest market figures. >>> the chinese are trying to go head-to-head with the americans in the multibillion dollar sat nav business. their new navigation satellite system or bds is now offering service in the asia-pacific region. >> translator: bds will be used for both military and civilian purposes. it is useful in setting up china's national defense. >> chinese government representatives say the country has launched 16 satellites for
for action. the latest news out of washington tonight, treasury secretary tim geithner told congress that the country will hit the debt ceiling on december 31st, new year's eve, some two months earlier than expected. but there is still no date yet on when the house of representatives will be called into session to veto a vote on any deal. president obama cut his hawaiian vacation short and is due to land in washington tomorrow. but if politicians aren't feeling enough urgency, the american people certainly are. a new gallup poll shows that 50% of americans think a deal is likely. that's down nine points from just a few weeks ago. if we go over the cliff, it will affect all of us. if you're a family that makes $50,000 a year, your taxes will go up by $2,000. if you make $100,000, your taxes will go up by $4600. the combination of tax hikes and deep spending cuts could end up looking a little bit like this, over the cliff in a free fall. whiskey and cigarettes in hand. "outfront" we have the view from both sides of the aisle. democrat from arizona and republican from wisconsin. earlier
said the united states will hit the debt ceiling on monday unless he takes extraordinary measures. they believe it could force congress to come up with a deal before monday's deadline but some republicans are not as optimistic. live in washington, ktvu channel 2 morning news. >>> they set $2 billion for unit who made her first court appearance. she was drunk when she hit a group of people. the woman was knocked up to a hill and she was studying criminal justice before that police crash. >> she is somebody who was never in trouble before and a quarter short of graduating from college. it is horrible of what their family is going through. >> eunice is expected to enter a plea on monday. >> more than 100 volunteers will be recording every bird they spot. it is part of the christmas count. this year's data is important and they are using it to predict climate change but the first part took place december 16th. how a northern controlled count of sea otters could help with global warming. >>> the windy city will soon have the nation's most expensive downtown parking meters new year's da
also warned congress in a letter yesterday that we will reach the nation's debt ceiling on monday. that's when the government reaches its legal borrowing limit. treasury can delay a debt crisis for a couple of weeks until february or march using emergency measures to keep the government operating until congress acts to fix this problem, too. >>> big news from toyota. they are announcing a record $1.1 billion settlement over that unintended accelerator issue which they say does not exist. toyota has always said it's been floor malts, stuck gas pedals and operator error but they're going to settle these cases to put it behind them. the bulk of the money will go to its customers past and present. they will install brake override systems for all vehicles identified by toyota as having a problem with the floor mats getting stuck. toyota set aside $250 million to compensate owners who sold their cars while their sales were plummeting over the bad p.r. and a separate 250 million will be used to compensate owners who don't qualify for that brake override system. finally, all 16 million current
of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will take several measures to save that next year to keep the government from reaching the limit for about two months. but geithner warns it is harder to predict how long the delay will last because of all of this ongoing fiscal cliff negotiations making it harder to forecast what revenue and tax spending will be next year. >>> the journal says right here the white house and congressional leaders have shown no signs of progress in the senate or elsewhere. and then, you know, i don't think we've run this bite enough. >> tim geithner told steve liesman. >> i have it ready. >> that he is we should show it multiple times. >> tt is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest -- remember, it's
ceiling and people's eyes glaze over. i want to talk about what the debt ceiling is. it's a cap, set by congress, the amount of money that if federal government can borrow. the current creeling is at $16.3 trillion and what secretary treasurer tim geithner said we could hit it on monday, meaning new year's eve and what the treasury will start doing is using extraordinary measuring to keep the government from going over the limits. so let's say for example you're a government worker. that could mean that the government could go into your pension. then what could happen if we do go through the creeling? well, the treasury won't be able to pay the country's bills in full or on time and that means the u.s. could default on some obligations. it would cripple the economy, send markets into the tail spin. that could hit retimer savings or anything you have in the marketplace plus it would make it more difficult for bangs the give out loans for things you're looking to get like cars or student loans. pile on top of that government benefits. i'm talking about social security checks and milita
be hitting the debt ceiling. up next, timothy geithner sounds the alarm on what congress should be doing now to avoid defaulting on debt. [ woman ] dear cat, your hair mixes with pollen and dust. i get congested. but now, with zyrtec-d®, i have the proven allergy relief of zyrtec®, plus a powerful decongestant. zyrtec-d® lets me breath freer, so i can love the air. [ male announcer ] zyrtec-d®. behind the pharmacy counter. no prescription needed. your doctor will say get smart about your weight. that's why there's glucerna hunger smart shakes. they have carb steady, with carbs that digest slowly to help minimize blood sugar spikes. [ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. [ male announcer ] when diarrhea hits, kaopectate stops it fast. powerful liquid relief speeds to the source. fast. [ male announcer ] stop the uh-oh fast with kaopectate. . >>> so you think you have wrapped your head around the so-called fiscal cliff. good for you. here comes the debt limit. remember that? treasury secretary timothy geitner said the government will blow
the debt ceiling on new year's eve. this is a stark reminder we have out of control spending in the country and congress needs to wake up and smell the coffee that the spending needs to be addressed first and foremost, not just raising taxes on americans. >> hard to believe we are still talking about. this here we are with virtually no time left on a deal. did you see it happen like this? is washington so broken they continue find a compromise. >> i must confess i have been a short-term pessimist and long-term optimist. i think the country will get back on track eventually but it will take a while. this is extraordinary. damage has already been done because of this craziness in washington. consumer sentiment is down. business plans for investment are down, business sentiment is down. we will pay a price regardless of whether or not we go off the cliff. how extraordinary is it? the senate hasn't acted, hasn't been called to act on a bill in between christmas and new years for 49 years. the first time in 49 years the sthat has had to come back like this. i think the prospects as the others po
, there is a new reminder that the debt ceilings hanging over in a letter to congress, timothy geithner warned they would hit the legal borrowing limit without the okay to borrow more, they would be forced to take extraordinary measures to keep paying the bills. they reference the impending fiscal cliff if a compromise can't be reached by next year on the big unanswered issues. with both side locked in the issues, democrats are not budging. they want to extend tax cuts and incomes below $250,000 for long unemployment benefits and delay the spending cuts. what happens if we go off the fiscal cliff for a few days. >> not much is my understanding. it's much more what the market psyche will do and with respect with the tax hikes and cuts, the hit people take is not as much as the rhetoric suggested early on. what weather it's enough to get back to negotiating things, i agree with you that we will go over the deadline. that's the big question of what kind of political ramifications we will have. you will have a chunk more on the payroll. there is a cut because of the sequestration. >> all of us are
to hit the debt ceiling on new year's eve. this is just a stark reminder that we have out of control spending in this country and congress needs to wake up and smell the coffee that the spending needs to be addressed first and foremost not just raising taxes on americans. >> so david, hard to believe that we are still talking about this. did you see it happening like this? is washington so broken they can't find a compromise? >> i must confess i'm a short term pessimist but a long-term optimist. the country will get back on track but it will take a while. damage has been done because of this craziness in water. business plans are down. business sentiment is down. we're going to pay a price this next year regardless if we go off the cliff. how extraordinary is it? the senate hasn't acted or called back to act on a bill between christmas and new year's for 49 years. the first time in 49 years the senate has had to come back like this. i think the prospects are strong that we are going to go over the cliff. they high because the differences are so big. the republicans are going to clear
fight. and i think that they are just not going to go along with raising the debt ceiling unless they get something for it. and if the president is not prepared to give them something, then it's going to be really hard to see a way out of that. >> reporter: if congress does not act before the end of the year, the public's reaction will determine how fast congress moves to fix the damage. >> what forces action after we pass the deadline is the public reaction to it. and so i think the big question is going to be what happens in the real economy, how frustrated are average americans that their paycheck is meaningfully smaller? and if that is a massive reaction, then they'll get a quick response. >> reporter: while u.s. markets have been fairly weak lately, they have not yet registered true alarm at the prospect of deadlock in washington. it seems many investors see the fiscal cliff as a slope that will only gradually impact the economy. but washington analysts believe investors may be underestimating the prospect 2013 will roil the economy with a series of fights over taxes, govern
, the 112th new congress begins on january 3. honestly, because of the fiscal cliff, not to mention the debt ceiling deadline, which is december 31, both of them that day -- they are coming back early. now, we are being told that on the hill they will be waiting on the u.s. senate to take action. but the house will be in session for the week. sunday through friday. waiting on the senate to do something. we will wait and see. heather: senator harry reid saying they're waiting on the hotspur and let's see what happens. greg: cool first. heather: new hope for people who are paralyzed. the chance to walk again. new technology is being tested out at 30 hospitals all around the country. including at mount sinai in new york. doctor marc siegel joins us with more information on this. such a promising story. reporter: how are you doing? heather: it's great to see you. reporter: an incredible technological advance using robots is now taking center stage. we visited mount sinai hospital here in new york, one of 30 hospitals around the country that are experimenting with this so-called exoskeleton. a 40
laid out last week can get through congress before monday. meantime, treasury secretary timothy geithner says the government will hit the debt ceiling on monday and he is launching an emergency plan to avert a crisis. amm eamon javers is live. what do we know? >> the president is coming back early, a couple days earlier than his vacation. did a little bit of jogging, working out in the gym over his vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who haven't been following this kind of thing and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets
. he said without taking measures the united states will hit its debt ceiling on monday and the country could default on payments. the president and speaker were trying to address the problem in their negotiations which stalled late last week. then congress left for christmas. senators got back this morning. the president is a lifing in washington any minute and house members have yet to return. >> we are here in washington working while the members of the house of representatives are out watching movies. >> as for the speaker he is holding a conference call with republicans in a few hours and we expect to hear from him later today. >> thank you. the former president george hw bush is in guarded condition at a houston hospital. a family spokesperson said the 88-year-old is a alert, talking to medical staff and surrounded by his family. he was moved to the intensive care unit on sunday. he has been in the hospital since late last month. >> he just started to have a few low energy days and things kind of snowball from there. >> he has a high fever and is now on a liquids only diet.
and basically postpone the fight until february. peter brought up the debt ceiling, secretary geithner said we have hit it essentially. they can move money around and delay the impact of that another couple of months so there has to be a vote in congress. at that point, the question is, does that trigger the idea of a grand bargain or big deal. they're not even speak, savannah. they're not even having basic communication. so the idea they will come up with a temporary compromise seems far-fetched. >> chuck todd in pensacola, florida, for us, thank you so much. >> you got it. use your birthday wish for it. >> good idea. thanks so much. >> i didn't know i had a birthday wish. i used it on the dance music at the top of the show. sorry. >> that came and went. >>> to the other top stories of the morning. natalie morales. good morning. >> good morning to you, willie and the birthday girl and everyone in the news. former president george h.w. bush is in intensive care at the houston hospital. the 88-year-old is alert and talking but in guarded condition with a stubborn fever. the 41st president has b
Search Results 0 to 31 of about 32 (some duplicates have been removed)